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ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers demand C) The resources we use to produce goods and services are limited. D) There is more than enough money to satisfy consumers wants. 3) An arrangement that allows buyers and sellers to exchange things is called A) A contract. B) A market. C) Money D) Efficient. 4. Production-possibilities frontiers demonstrate that A) Producing more of a good reduces the potential production of another good. B) It is always possible to produce more of one good. C) It is always possible to produce more of a good without producing less of another. D) It is never possible to produce zero output. 5. The invisible hand refers to: A) Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. B) Undiscovered natural resources. C) The allocation of resources by market forces. D) The person who has the responsibility to coordinate all the markets in a market economy 6) The Latin phrase ceteris paribus means that when a relationship between two variables is being studied, A) Both are treated as unpredictable. B) Neither of those two variables is allowed to change. C) All other variables are held fixed. D) We recognize that some factors are unknown. 7) Which of the following is a microeconomic question? A) Should companies pay for employees health insurance? B) Why do some countries have higher economic growth rates than other countries? C) Should Congress and the president take action to reduce the unemployment rate? D) Should the Fed attempt to influence the interest rate to control potential inflation?
8) An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to A) The cost of bait and any other monetary expenses. B) Zero, because the person doesnt have a job. C) The cost of bait, any other monetary expenses, and the value of the individuals wages while he was working. D) The cost of bait, any other monetary expenses, and the value of the best alternative use of the individuals time. 700 600 500 jo 200 600 Tons of Agricultural products per year Figure 2.1 9) The production possibilities frontier in Figure 2.1 illustrates the notion of A) Increased factory goods production. B) Increased farm produce production. C) Diminishing resources. D) Opportunity cost 10) Refer to Figure 2.1. If you are producing 600 tons of agricultural products per year what is the maximum amount of manufactured products you can produce per year? A) 300 tons B) 500 tons C) 600 tons D) 700 tons 11) Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 300 tons to 600 tons per year? A) 200 tons of agricultural products per year B) 400 tons of agricultural products per year C) 500 tons of agricultural products per year D) 600 tons of agricultural products per year
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Answer #1

Q1 . C

Economics is the study of how people make choices among scarse resources. It is the study of how demand and supply works in an economy to allocate resources efficiently.

Q2. C

Scarcity is the limited availability of resources required to produce goods and services. For example land, minerals, tools, labor, money all are limited thus constraining the supply of resouces in the market whereas the demand is limitless and ever growing.

Q3. B

Market is the place that allows buyers and sellers to exchange things.

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